Inadequate infrastructures, corruption and bureaucratic inefficiency remained the most problematic factors in doing business in Bangladesh, said Global Competitiveness Report.
World Economic Forum prepared the report which was published in Bangladesh yesterday by the Forum’s local partner Centre for Policy Dialogue (CPD).
Bangladesh, however, progressed one notch forward in Global Competitiveness Index to 109th from 110th.
As per the report, Bangladesh has made positive changes in seven pillars including infrastructure, macroeconomic stability, higher education, goods market efficiency, financial markets sophistication, market size and innovation.
Major deterioration was observed in institutions, health and primary education, labour market efficiency and technological readiness.
Ethical standards of politicians are very low, which came down to 94% from 87%, while politicians ability is poor to govern effectively, the report said.
Parliament is ineffective to some extent as a law-making institutions and the ranking became bad to worse.
During launching of the report, CPD also held a dialogue on a recent update on business environment in Bangladesh.
Industries Minister Amir Hossain Amu and former Commerce Minister Amir Khasru Mahmud Chowdhury, among others, attended the dialogue.
On corruption, Amir Hossain Amu said: “Anti Corruption Commission is now working independently, which was proved in recent moves against some politicians.”
Amir Khasru Mahmud Chowdhury said there is no sign of accountability in the country’s present administration.
To attain higher GCR ranking in near term future, the report suggested some reforms including strong political commitment for reduction of corruption and strengthening ACC.
Ensuring transparency and accountability in the operation of private and public sector financial institutions, finalising the financial reporting act, establishing strong monitoring and enforcement of laws in the capital market, implementing environmental rules, resource development, better industrial relations, maintaining workplace safety and security.
Slow progress in global competitiveness could hardly generate momentum for developing an enabling business environment in the country, said Khnodaker Golam Moazzem, additional research director of CPD.
The World Economic Forum made the report on 144 countries after evaluating 12 different issues known as “twelve pillars” under the three sub-indices.
The pillars include institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency and labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.
Switzerland topped the index for the sixth consecutive years followed by Singapore, United States, Finland, Germany, Japan, Hong Kong, the Netherlands, United Kingdom and Sweden.
Among the South Asian Association for Regional Cooperation (SAARC) countries, India was ranked 71, Sri Lanka 73, Nepal 102, Bhutan 103 and Pakistan 129.
Syed Manzur Elahi, treasurer of Board of Trustee of CPD and former FBCCI President A K Azad were also present at the dialogue.
